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Microcap & Penny Stocks : MIDL .... A Real Sleeper -- Ignore unavailable to you. Want to Upgrade?

To: Dusty who wrote (4801)	12/16/1998 2:33:00 PM
From: FARRIS	Read Replies (1) \| Respond to of 7039

If anyone can explain ANY good reason to convert to common -- I would like to hear it... There are none... Eric

To: Dusty who wrote (4801)	12/16/1998 4:49:00 PM
From: one_less	Respond to of 7039

I don't own prefered, but as I recollect when it is allowed you can convert 1 prefered to 35 common or something like that. However, the exercise of the conversion was date limited somehow. So, I can see why people might want to convert if it is currently exercisable. Obviously 10=0 and 350=0 so currently there is no difference. But who knows this thing may actually trade in a month or two.

To: Dusty who wrote (4801)	12/16/1998 7:25:00 PM
From: Crossy	Read Replies (1) \| Respond to of 7039

Dusty, what makes the "Preferred A" preferrable over Common is usually attached in the 10K of the company. Here it is a liquidiation preference I think (don't nail me down) and the fact that you get warrants when certain targets are not met. Did you realize the 5 warrants penalty for each preferred out ? Means that each holder of a preferred (pre-split !) should be able to get 5 additional warrants. I think this is the reason why each holder of preferred A now has voting rights equivalent of above 40 common. I would NEVER convert my Pref A (got Pref A only and some warrants) to common as long as I can benefit from any preference given (liq. prefernce, warrants, cumulative dividends etc.) As I know the Preferred should have AUTOMATICALLY converted into common. Well they didn't trade and subsequently couldn't convert into common. Let's see how they resolve the warrant issue, the split issue and the conversion (remember Oct 98 deadline ?). Should be a funny shareholder meeting <g> Anyway, this is still a shell entity and I really would like it to see it trading again. It's shark water but we can be better off if they finally find a company that is going to house in the shell. Look, I almost wrote off my position in MIDL. If they really make it back to a listing, it can only be a positive surprise, call it an unexpected XMAS present. For me this was a lecture: stick to what you know about. My knowledge are Chapter 11 plays, techstocks and financials not necessarily shell plays. I will go that road only in the future. Once bitten, twice shy <g> best regards CROSSY